"Watch CBS News") Which borrowers could qualify to have their debt forgiven this August? We may receive commissions from some links to products on this page…
Published
Source: CBS News
[[Video 1](https://www.cbsnews.com/news/which-borrowers-qualify-debt-forgiveness-august-2026/)](https://www.cbsnews.com/live/ "Watch CBS News")
# Which borrowers could qualify to have their debt forgiven this August?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
Angelica Leicht
Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.
July 27, 2026 / 12:41 PM EDT / CBS News
Before you pursue debt forgiveness, make sure you understand who has real leverage to settle now. Andrii Dodonov/Getty Images
Household budgets have been under consistent pressure since the start of the year, and for many borrowers, that strain is finally reaching a tipping point. [High credit card interest rates](https://www.cbsnews.com/news/why-credit-card-rates-are-so-high-now-what-to-do-about-it/) are making balances harder to pay down, inflation is still driving up costs and squeezing budgets, and as the extra charges rack up, many borrowers are discovering that making just [the minimum payments](https://www.cbsnews.com/news/how-are-credit-card-minimum-payments-calculated/) won't get them much closer to becoming debt-free.